According to CoinMeta, Huatai Securities stated that in the short term, consensus still needs to be established, and the critical window for a trend reversal is in late August. By then, the mid-term reports, NVIDIA's financial results, and the redemption pressure during the rebound process may determine whether technology can form a new round of upward momentum. In the medium term, there is not yet sufficient evidence of a second-order derivative inflection point in the AI industry trend, but the focus of investment should shift from "scale of investment" to "realization of revenue." Investors should further narrow their focus towards sectors with higher visibility of performance, less pressure on shares and valuation, such as cloud and platforms, semiconductor equipment, and PCB/optical modules.